Gold jewellery exports by India plunged 20% in March

NEW DELHI (Scrap Monster): The Indian gold jewellery exports dropped significantly by nearly 20% year-on-year to $660.56 million (Rs. 4,351.75 Crore) in March 2017. On the other hand, the country’s silver jewellery exports skyrocketed by 180% to $ 661.83 million (Rs. 4,360.15 Crore). This is in accordance with the latest official monthly data released by the country’s Gems and Jewellery Export Promotion Council (GJEPC).

The country’s gold jewellery exports during the same month in 2016 had totaled $814.30 million (Rs. 5,457.47 Crore). The silver jewellery exports during March 2016 had amounted to $232.01 million (Rs. 1,554.96 Crore).

The cumulative gold jewellery exports during the full twelve-month period of the previous fiscal were up modestly by 4.15% when matched with the previous year. The exports totaled $8,721.81 million (Rs. 58,464.42 Crore) during the twelve months from Apr ’16 to Mar ’17 as compared with the exports of $8,557.09 million (Rs. 56,136.81 Crore) during the entire fiscal year before that.

The silver jewellery exports surged higher considerably during the full year of the previous fiscal. The exports were up by nearly 39% to $4,020.62 million (Rs. 26,920.57 Crore) during Apr ’16 –Mar ‘17. India’s silver jewellery exports during April ‘15 to Mar ‘16 had totaled $2,960.01 million (Rs. 19,416.92 Crore).

According to GJEPC, country's cut and polished diamond exports in March this year touched $1,867.43 million, recording marginal increase over the previous year. The rise in rupee terms stood at around 0.61%. Also, the cumulative exports from Apr ’16 to Mar ‘17 too increased modestly by nearly 12.76% to $22,783.81 million.

The country’s exports of Coloured Gemstones recorded 45.13% jump, rising from $27.43 million during Mar ‘16 to $40.49 million during March this year. However, the combined exports during Apr ‘16-Mar ’17 recorded marginal decline from $432.86 million a year before to $419.90 million. Also, the exports of Pearls increased multi-fold to $0.91 million in Mar ‘17 from $0.06 million a year ago. The exports of Synthetic stones surged significantly from $7.18 million in March 2016 to $9.75 million in March this year.

India's export of gold medallions & coins increased to $645.64 million (Rs. 4,253.50) during the month of March 2017. The exports during the same month a year before had totaled only $452.85 million (Rs. 3,035.02 Crores). The export of Costume and Fashion Jewellery declined marginally from $8.84 million (Rs. 59.27 Crore) in March ’16 to $6.15 million (Rs. 40.50 Crore) during March this year. Meantime, export of Rough diamond from the country surged higher by almost 18% in March ‘17. The exports of Rough diamonds during the month totaled $184.67 million (Rs. 1,216.62 Crore).

The figures released by the country’s Export Promotion Council indicate that gold jewellery exports in March this year increased when compared with the prior month. The exports of Colored gemstones recorded month-on-month decline. The export of gold medallions and coins increased modestly during March ‘17 when matched with the month before it. However, silver jewellery exports surged higher significantly in comparison with the prior month.

About GJEPC

The GJEPC, set up by the by the Ministry of Commerce, Government of India in 1966 is the apex body of the gems & jewellery industry. Headquartered in Mumbai, the industry body represents almost 6,000 exporters in the sector.